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Everything posted by tigerlily

  1. She got the second mortgage from the same lender as the first. Should she have needed his signature in order to get the second mortgage? She had him sign a quitclaim when they divorced. (He knows now what a giant mistake he made not getting own lawyer in the divorce.)
  2. We've talked to about seven different attorneys (family/divorce/bankruptcy/all of the above) about this situation and all of them had the same response: my husband's credit is ruined by this. My question is "should my husband get in contact with his credit cards and explain why his FICO score is so low?" And "should he write the CRAs with a note to put in his file explaining about his ex-wife's BK?"
  3. The house has at least 19 years of payments on it so it should have plenty of equity and it couldn't be refinanced w/o the EX's approval. Seems a foreclosure sale or sale in BK should be above water. The excess would probably go toward other debts the EX has but the bank should be made whole. Unless she has totally trashed the house. Even then home values after 2 decades are way higher and the land alone is almost certainly worth more than the mortgage balance. I'd do a little research on the valuation and potential sale price. A foreclosure is bad but if the debt was fully paid, as it likely
  4. My husband and his first wife divorced 19 years ago. Per divorce decree, she got the house and was to refinance, but she never did. So now that she's filing Chapter 7 and losing the house, my husband's credit is taking big hits as she quit paying the mortgage. We've talked to a lawyer and been told there's nothing we can do. Just have to try and rebuild afterwards. In the past, she was late on the mortgage payment and we found out because two credit cards lower their credit limits in response to the credit score falling. That hasn't happened yet, but would it be a good idea to contact all
  5. If he forced her the sell the house, then he'd be depriving his kids of their primary residence. So she's pretty much got him in an impossible situation. It may not do any good, but the only thing I can think to do is to have him add an explanation to his credit reports.
  6. After the decreased in CL on two of our Chase cards, my husband and I checked out our credit reports. Mine was fine, no negative items. However, my husband's reports all showed the same negative item. In 1997, my husband got divorced from his first wife. The divorce decree awarded her the house that both their names were on the loan for; however it stipulated that should she remarry, she was to re-finance the house to remove him from the loan. She has since remarried and divorced, but never re-financed the house, so it has continued to show up on my husband's credit reports as an obligatio
  7. Thanks for all your suggestions. I think I have it narrowed down to either just paying off the lower balance Chase card and putting the rest toward the higher balanced one til it's paid off. If they balance chase me on the second one, then I'll just have to take the hit until it's all paid off. Or the other option is to do a sort of combination of crabjoe and cv91915's replies. Take some big bites out of my non-Chase accounts while paying maybe an extra hundred a month to each of the Chase ones and hope they don't balance chase any further. I am just worried about the other cards jumping onto
  8. I have done more reading up on balance chasing. My concern is if I use my 13K to pay off some cards in full or make large payments to a few cards, then all my accounts might get into this balance chasing thing. So my follow up question is this: Would it be smartest to pay the amount each statement shows where it says "pay this amount to pay off account in 3 years" to every card I have? Would they see that and think I'm working toward getting the balances all paid off in three years and be less likely to balance chase me? Does paying that 3 year amount have any effect on credit score?
  9. Just received letters from Chase lowering credit limits on the two cards I have with them. First one had a CL of $11K with a balance of 6K on it. Second had a CL of 17K with a balance of 11K on it. They lowered the first CL to 7K and the second to 12K because "balance owed on revolving accounts too high; balance too high compared to credit limit; number of accounts currently in use". Excellent credit for 15+ years. Never late; never missed a payment. Been paying just over the minimum; however, recent windfall will allow me to make some major dents into these and the other cards I have.
  10. I am in Alabama. I believe the SOL is 2 years here and this was charged off in 2003 at the very latest, but I can double check. I thought it was strange to receive a letter from the OC when I DV'd the CA. And the OC didn't furnish the validation. They say in the letter that they have sent validation to the CA. And they point out that they will not be able to give me a copy of the original application. Has anyone ever received a letter from an OC after DV'ing a CA?
  11. I had received a collection letter from First Source Advantage regarding an old Amex account that was charged off years ago. I sent a DV to First Source and haven't heard from them yet. However, this last week, I receive a letter from the OC saying: "This letter is in response to your request for verification of an outstanding debt to Amex. The balance of $9151.36 has been referred to Account Solutions Group LLC for collection. We have provided documentation under separate cover to support the validity of the balance owed. Account Solutions Group has been informed of this verification
  12. Last month, I sent a DV to Creditor's Interchange after they called and made threats of lawsuits, etc. I received a letter back from them stating that they'd received my request for information on the account and "the account has been placed on hold and all collection efforts on the account have ceased until the requested information has been received from our client and sent to you". Okay, that letter was dated 3-23-2007. They mentioned it could up to or exceed 30 days to receive the information. This is 4-20-2007 and I haven't received anything from them by mail yet. But I did
  13. They said the account was sold and I have to deal with the new owners of the account now. The frustrating thing is, I want to pay on the account. I can't pay it off by any stretch and I couldn't make the minimums when it was with the OC, but they wouldn't help me back then. I just sent in what I could, when I could. Stupid interest of 32% once it was late just made the whole thing impossible to contain after a certain point. Now they've sold it to a group who will probably sue me; though I don't know what they think they are going to gain from that other more debt that's over
  14. Yes, the debt is within SOL. It was just charged off and sold at the end of February. I guarantee that I will not be talking to them on the phone again. Even if I accidently pick up and it's them, I'll hang up immediately. I'm just spinning in circles trying to figure out what I can do. I'm supposed to be preparing for a weekend trip to see family and all I can do is stress over this.
  15. I don't know what to do now. I looked through my paperwork and noticed that the last statement from the OC had a payment due date of March 19, which was just a few days ago. So I thought perhaps this CA was just assigned to the account since the OC statement gave the appearance the account was still with them. I called the OC this morning and was referred to their in-house collections dept where I was told that the account was sold February 27. Not what I wanted to hear. That means the CA has actually bought the account and now I'm stuck dealing with them. I told the OC person
  16. I'm trying very hard not to freak out about all this. I'm going out of town tomorrow and won't be back until Tuesday. I just hate to think of what I'll be coming home to.
  17. Quick Update: I had another thread here that I can't seem to find, where I mentioned that I had spoken to them, just to keep them from calling all my relatives. I didn't say much to them other than to say I'd respond when I received their written communication. The dunning letter arrived within the next day or two. I sent the DV off this weekend. Today, I answer the phone without looking at the caller ID and it's the CA again, same woman. She starts off by saying, "I talked to you last week and I'm about to sign off on this account for legal pursuit in Hazzard County..." (I
  18. The only reason I talked to them was to keep them from calling my family members! I will not be talking to them again unless I have a tape recorder running.
  19. Oh and a follow-up question: How do you determine whether a CA has actually bought a charged off account?
  20. I posted yesterday about Creditor's Interchange calling a family member looking for me. Well, today, they called here and I decided to answer, if for no other reason but to establish contact with them so they don't have a reason to call my relatives. The woman I spoke to told me that Resurgent bought my charged-off CC account and they are going to seek "legal recourse" in collecting the debt; so she was calling on their behalf to see if I was willing to settle the account "voluntarily". She mentioned that the suit would be filed in the county/state where I live and named my county. She sa
  21. Okay, I don't remember signing anything. I think my husband just called them and gave them my name and SSN or something and they sent out a second card with my name on it. My husband actually has very good credit and I don't want to mess it up!
  22. All this talk of "universal default" stuff had me worried, I guess. I didn't want my negative credit to end up causing problems on his credit because I'm an authorized user. Of course, I assume I'm an authorized user...the card has my name on it and the bills come addressed to both of us. But it was an existing card he had before we were married and he added me to it for emergency use only a few years back when he was going to be out of town for awhile. But even if by some wackiness, I'm considered a co-signor on the card, is that still okay? Yes, I do intend to be left off of the c
  23. My husband has really good credit. I have really bad credit. We have no joint accounts; but I am an authorized user on one of his credit cards. We are looking to purchase a new car at the end of the year and I am concerning about how/if my bad credit will affect his financing. If he finances the car in his name only, does my credit not come into play at all? What about the one credit card where I am an authorized user? Will my charge-offs and past sins end up affecting that card and possibly the rest of his credit? Should he drop me from the card?
  24. After reading about your experience, I'm almost hoping they'll call my brother back and rack up some violations. That is just outrageous behavior! Has anything else happened since you sent the C&D?
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